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Saturday, August 09, 2008
Arroyo gets US$6 billion deal for RP
MANILA -- Chinese businessmen pledged to put up close to US$6 billion worth of investments in mining, real estate, cement, and call center industries in the Philippines.
President Gloria Macapagal-Arroyo received the investment commitments in Beijing Friday during the separate calls of Chinese business leaders from Fujian Longlin Group Co. Ltd., Sunshine 100, Wei-Wei Group, and the Shimao Group.
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Arroyo first received Fujian chief executive officer (CEO) Yujian Xu's deal, who said their company is prepared to invest US$275 million in a cement plant.
Xu said they hope to start construction in 2009 and start operation in 2010. They have started the conduct of feasibility study to determine where they could put up the plant.
A meeting with Sunshine 100 International chairman Lucio Tai Yen and Alfonso Sy of the Philippines Sunshine 100 Pioneer then followed where they informed Arroyo of their plan to put up US$5 billion investment in real estate projects that would run for five to seven years.
Sunshine 100, which is behind the real estate projects in Pioneer in Mandaluyong, had recently purchased a property in Valenzuela and in Rodriguez in Rizal Province.
They intend to put up a low-cost housing project and condominium units in the said areas, which they hope to sell at P200,000 to P250,000 per unit.
Arroyo, who welcomed the low-cost housing project, suggested that they put up such units in Rodriguez, Rizal. Philippines Sunshine is putting up eight condominium towers in a 1.25-hectare area at the Mall of Asia area in Manila.
Sy said the group is also putting up a small mall and three towers for call centers at Pioneer Street in Mandaluyong.
Officials of the Wei-Wei Group and its local counterpart in the Philippines, Golden Harvest, also paid a call to Arroyo where they pledged to put up a US$100-million nickel processing plant in Masinloc, Zambales.
"This, along with the US$150-million nickel exploration and processing project in Botolan, Zambales by the Ni Hao Mineral Resources International Inc. and Geograce Resources Philippines Inc. of the Philippines and the Jiangxi Rare Earth and Rare Metals Tungsten Group Co. Ltd., of Nanchang in China, will increase the nickel export of our country," said President Arroyo.
Trade Secretary Peter Favila said the President during the meetings, especially with the Fujian and Weiwei Group, emphasized the need to comply with environmental guidelines and policies of the country to which the Chinese groups agreed.
The meetings were followed by Arroyo's attendance to the luncheon reception hosted by Chinese President Hu Jintao for world leaders attending the Olympics opening ceremonies at the Great Hall of the People.
She also had a meeting with Hong Kong's Shimao Group that reiterated its plan to set up a hotel complex at The Fort.
Led by its chairman, Shimao Hui Wing Mao, the Shimao Group told President Arroyo they are investing US$700 million in the hotel project in cooperation with Andrew Tan of Megaworld.
President Arroyo, who was with First Gentleman Jose Miguel Arroyo, joined world leaders led by US President George W. Bush, Russian Prime Minister Vladimir Putin, Japanese Prime Minister Yasuo Fukuda, French President Nicolas Sarkozy in attending the opening rites of the XXIX Olympiad (2008 Beijing Olympics) that started at "08:08:08 p.m."
On Saturday, the President will hold a bilateral meeting with Hu at the Fujian Room of the Great Hall of the People. The two leaders are expected to discuss possible business exchanges and economic cooperation between the Philippines and China.
After her meeting with the Chinese leader, Arroyo will motor back to Asia Hotel for a meeting with the top executive of the Chinese Commercial Television (CCTV), the largest television network in Beijing.
A luncheon with the Filipino community will follow at the Grand Ballroom (Asian Conference Hall). She will also accept calls by prospective Chinese investors Jiangxi East Asia Palm-Fiber Stock Co., Ltd., and the Wei Wei Group.
Late in the afternoon, President Arroyo, together with the First Gentleman, House Speaker Prospero Nograles, and Philippine Ambassador to China Sonia Cataumber Brady will watch the Philippine athletes compete at the Beijing Olympic Green Archery Field in Chaoyang District.
On Sunday, the last day of her visit to China, Arroyo will attend a private mass and watch Filipino athletes compete in the three-hour Men's Trap Shooting Qualifying Round at the Beijing Shooting Range in Fuquiansi, Shijingshan District.
Before flying back to Manila Sunday evening, she will also watch the RP Men's Basketball event at the Beijing Olympic Basketball Gymnasium at the Wukesong Culture and Sports Center, also in Fuquiansi, Shijingshan District.
She is expected to arrive at the Ninoy Aquino international Airport Terminal 2 at 5:30 a.m. Monday via Philippine Airlines PR001. (JMR/Sunnex)For more Philippine news, visit Sun.Star Cagayan de Oro. (August 9, 2008 issue)
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